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9 July, 13:35

Fitzgerald Company wrote checks totaling $34,160 during October and $37,300 during November. $32,480 of these checks cleared the bank in October, and $36,440 cleared the bank in November. What was the amount of outstanding checks on November 30?

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  1. 9 July, 13:51
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    The amount of $ 2,540 is the checks that were outstanding on November 30.

    Explanation:

    The amount of the outstanding checks will be shown as:

    Amount of outstanding checks = Checks wrote in October + Checks wrote in November - Checks cleared in October - Checks cleared in November

    where

    Checks wrote in October amounts to $34,160

    Checks wrote in November amounts to $37,300

    Checks cleared in October amounts to $32,480

    Checks cleared in November amounts to $36,440

    Putting the values above:

    Amount of outstanding checks = $34,160 + $37,300 - $32,480 - $36,440

    = $71,460 - $68,920

    = $2,540
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